Root
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Shares hit a high of $28.58 at 12:15, New York time, before returning to their opening levels. -
The carrier raises almost $655mn through the sale of new shares, while existing investors sell another $70mn of stock.
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The IPO plans to raise around $600mn in fresh capital.
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Progressive’s September results were strong. The firm reported $0.57 in operating EPS, up 48.7% YoY, and saw a headline combined of 88.3% (down -4pts YoY).
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Our research team delves deep into the latest “unicorn” IPO from InsurTech land.
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The carrier is expected to garner the highest IPO valuation of any InsurTech to date, overtaking Lemonade’s $1.6bn debut price tag.
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The carrier has reportedly hired Goldman Sachs to lead preparations for a listing as early as this year.
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Preparations are understood to have included the retention of investment banks and discussions with investors over the move.
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‘The reality is that the best drivers may sometimes have terrible credit scores, but the risk they present on the road is minimal,’ Root said.
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Evercore is understood to be advising the InsurTech company on the upcoming series F round.
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The stratospheric rise of Lemonade’s share price in its opening days raises the question of whether other InsurTechs will now rush to list on the public markets.
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Root grew gross written premiums by 85 percent in Q1 to $144mn, according to statutory filings.
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